Fallon responded Monday to this by announcing that if he could raise that $26,000 from the public, then Colbert would be forced to appear on 'Late Night With Jimmy Fallon' and sing Rebecca Black's viral sensation 'Friday' with The Roots.

"What the f**k?" Colbert said on Tuesday's 'The Colbert Report' (Weeknights, 11:30PM ET on Comedy Central), after playing the clip of Fallon saying that $26,000 buys the public a singing Colbert.

Unfortunately, fans of 'The Colbert Report' knew more than Jimmy Fallon did. Tonight, he shared that clip with his audience and they applauded it. "But here's the thing," Fallon said. "I never said that."

At this, Colbert himself came onto the set to set the record straight. "If you can't donate $26,000 of your best friend's money without asking him first, then what's the point of being best friends?" he asked.

Renowned artists Frank Stella, Shepard Fairey and Andres Serrano had each added little flourishes to the portrait, boosting its potential value, but the bidding stalled at $22,000. At that point, Colbert took the podium, grabbing the mic from the auctioneer.

"I like to apologize for Phil, he's not asking enough money from all of you and it's insulting to all of you who I know must have more money than this," Colbert told the room. "Remember we are doing this for children ... So if you are not raising your paddle, it means you hate children."

Today is Stephen Colbert's 45th birthday. And as you can guess, no one is going to wish him a bigger "Happy Birthday!" than Colbert himself. But the video below is also a request to go to DonorsChoose.org to help provide school supplies to schools and kids who need them.